Earn
This is money you earn, it can include your paycheck.
What is income?
A list of your income and expenses.
What is budget?
The ability to borrow money.
What is credit?
The habit of setting aside a portion of your income regularly for future needs or emergencies.
Saving (Rainy Day Fund)
This is how much you earn before taxes and deductions.
What is gross income?
When you’re looking at prices from different stores to find the best deal, you are practicing this.
What is price comparison?
Money you owe a person or business
What is debt?
You save a certain amount of money over time for a specific purpose.
What is a savings goal?
A form you fill out when you become employed for tax withholding purposes.
What is a W-4?
This is a cost that stays the same amount each month, like rent, a car payment, or a subscription service
What is a fixed expense?
Money set aside for unexpected expenses, like medical bills, car repairs, or job loss.
What is an emergency fund?
This happens when a part of your paycheck is withheld to repay a debt you owe.
What is wage garnishment?
When you don’t have enough money to pay all of your bills on time you should...
What is priortize your bills and communicate if you will be late?
A credit card backed by a cash deposit, which serves as collateral if the cardholder defaults on payments.
What is a secured credit card?
Pre-scheduled movements of money from your checking account often scheduled weekly or monthly.
What are automatic savings transfers?
This strategy involves taking on additional part-time jobs or freelance work to increase one’s income.
What is side hustle?
When you make a purchase without planning or thinking about it carefully
What is Impulse Buying?
If you are making a big purchase and your credit does not qualify, you may have to ask someone to...
What is a cosigner?
A lump sum of money for a big purchase, like buying a house.
What is a down payment?